ADMA Stock Downgraded By Cantor As ‘Channel Stuffing’ Claims Shake Investor Confidence

• Cantor noted that, even though Adma Biologics released a statement following the short report, the firm expected more specific feedback addressing the direct claims made in the report.
• Cantor analyst Kristen Kluska also cited a lack of clarity and concerns around increased days sales outstanding and accounts receivable for downgrading Adma Biologics.
• ADMA stock has declined nearly 29% since Culper’s short report was released on Tuesday.

Adma Biologics Inc. (ADMA) has been downgraded by analysts at Cantor Fitzgerald, with the firm citing disappointment among investors following the company’s response to a short report.

According to TheFly, Cantor stated that its discussions with several investors pointed to a lack of direct communication from Adma Biologics after Culper Research released its short report on Tuesday.

Cantor downgraded Adma Biologics to ‘Neutral’ from ‘Overweight’ without a price target. ADMA stock has declined nearly 29% since Culper’s short report was released.

Adma Biologics’ shares were down more than 2% in Thursday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels at the time of writing.

What Is Cantor Concerned About?

Cantor noted that, even though Adma Biologics released a statement following the short report, the firm expected more specific feedback addressing the direct claims made in the report.

Cantor analyst Kristen Kluska also cited a lack of clarity and concerns around increased days sales outstanding and accounts receivable for downgrading Adma Biologics.

According to Koyfin, the average 12-month price target for ADMA stock is $23.5, implying a return potential of 144% from current levels. Of the three analyst ratings, two have a ‘Buy’ recommendation, while one has a ‘Hold’ rating.

What Did The Short Report Flag?

Culper Research stated in its short report that Adma Biologics’ sales growth is driven by a “de facto channel stuffing scheme.” The firm stated that Adma’s revenue declined 3% in 2025, after adjusting for sales inflation, while the company reported a 20% growth.

The short seller also noted that the sales of Adma’s flagship product, Asceniv, have been inflated by 40% to 76%. “We believe the ASCENIV growth story is total fiction owing entirely to channel stuffing,” Culper added.

The firm added that, based on its interactions with two high-level employees at one of Adma’s largest distributors, the biopharmaceutical company induced the distributor to stock excess Asceniv by offering rebates and extended payment terms to meet the distributor's order expectations.

How Did Stocktwits Users React?

One user on the platform stated that even if a part of Culper’s short report is true, it gives the company a black eye.

However, a bullish user dismissed the short report, saying that there is nothing to see here.

ADMA stock is down 47% year-to-date and 52% over the past 12 months. The iShares Core S&P Small-Cap ETF (IJR) is up 17% over the past 12 months, while the S&P Biotech ETF (XBI) is up 42%.

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